Fixed Deposit in Andhra Pradesh

Secure your savings with Fixed Deposit in Andhra Pradesh
FD in Andhra Pradesh
4 min
2-May-2024

Andhra Pradesh, located in south-eastern India, is known for its rich cultural heritage and vibrant biodiversity. The state boasts a dynamic coastline along the Bay of Bengal and is famous for its historic temples, diverse cuisine, and the Telugu film industry. Its economy is driven by agriculture, technology, and textiles.

Fixed deposits in Andhra Pradesh offer a reliable and secure investment opportunity, appealing to a broad demographic ranging from conservative savers to those planning for future financial goals. Numerous financial institutions across the state provide attractive interest rates on fixed deposits, ensuring that investments grow steadily over time, unaffected by market fluctuations. These FDs are available in various tenures, catering to both short-term and long-term savings plans. Additionally, investors in Andhra Pradesh benefit from features like loans against FDs and additional interest rates for senior citizens, making fixed deposit a versatile financial option suitable for safeguarding and growing one’s wealth efficiently.
Also read MIS vs FD.

Features of Bajaj Finance Fixed Deposit

  1. Competitive interest rates
    Bajaj Finance offers one of the highest fixed deposit interest rate in the market, up to 8.85% p.a., ensuring attractive returns for investors seeking stable growth opportunities with minimal risk.
  2. Flexible tenures
    Choose from a variety of tenures ranging from short-term (12 months) to longer commitments (up to 60 months). This can help you aligns your investment with your specific financial goals.
  3. Special rates for senior citizens
    Bajaj Finance supports retirees by offering additional interest (up to 0.40% p.a. additional) for senior citizens, boosting their investment income.
  4. Security and reliability
    Rest assured that your deposit is secure. Bajaj Finance boasts strong credit ratings like [ICRA]AAA(Stable) and CRISIL AAA/STABLE, demonstrating financial stability and commitment to investor safety.
  5. Loans against fixed deposits
    You can access funds without breaking your fixed deposit by taking a loan against it (up to 75% of the FD value). This provides financial flexibility in case of emergencies.
  6. Online convenience
    Manage your Bajaj Finance FD from anywhere. Book your deposits, track your balance, and manage your investments conveniently through Bajaj Finserv app or website.

Eligibility criteria for investing in Bajaj Finance Fixed Deposit

  • Nationality: Resident Indians and Non-Resident Indians (NRIs)
  • Investor type:Individuals
    • Senior Citizens
    • Minors
    • Sole proprietorships
    • Partnership firms
    • Hindu Undivided Families (HUFs)
    • Clubs
    • Associations
    • Societies
    • Family trusts

Documents required

  • PAN Card and any KYC document (Aadhaar card, passport, Driving license, Voter ID)

Fixed deposit Vs National Saving Certificate (NSC)

Fixed Deposits (FD):

  • Security: FDs are considered very secure, particularly when booked with reputed financial institution like Bajaj Finance.
  • Liquidity: Generally, less liquid as premature withdrawal often incurs penalties, although many financial institutions offer loans against Fixed Deposit.
  • Taxation: Interest earned on FDs is taxable according to the income tax slab of the individual. TDS (Tax Deducted at Source) is applicable if interest income exceeds a certain threshold.
  • National Savings Certificates (NSC)
  • Security: NSC is a government-backed savings instrument, making it extremely secure.
  • Returns: As of May 2024, NSC interest rate is 7.7% per annum, compounded annually but payable at maturity. This rate is set by the Indian government and is subject to change periodically.
  • Liquidity: NSC has a fixed tenure of 5 years, with no option for premature withdrawal, making it less liquid.
  • Tax: The amount invested in NSC can be claimed under Section 80C of the Income Tax Act, up to Rs 1.5 lakh annually.

FD rates for customers below the age of 60

Fixed Deposit annualised rate of interest for customers below the age of 60 is valid for deposit of up to Rs. 5 crore (03 Apr, 2024)

Bajaj Finance Digital FD

New Product Launch
Tenure in
months
At maturity (p.a.) Monthly (p.a.) Quarterly (p.a.) Half yearly (p.a.) Annual (p.a.)
42* 8.60% 8.28% 8.34% 8.42% 8.60%

Customers below the age of 60 – Special Period

Tenure in
months
At maturity (p.a.) Monthly (p.a.) Quarterly (p.a.) Half yearly (p.a.) Annual (p.a.)
18* 7.80% 7.53% 7.58% 7.65% 7.80%
22* 7.90% 7.63% 7.68% 7.75% 7.90%
33* 8.10% 7.81% 7.87% 7.94% 8.10%
44* 8.25% 7.95% 8.01% 8.09% 8.25%

Customers below the age of 60 – Regular Period

Tenure in
months
At maturity (p.a.) Monthly (p.a.) Quarterly (p.a.) Half yearly (p.a.) Annual (p.a.)
12 - 14 7.40% 7.16% 7.20% 7.27% 7.40%
15 - 23 7.50% 7.25% 7.30% 7.36% 7.50%
24 - 35 7.80% 7.53% 7.58% 7.65% 7.80%
36 - 60 8.10% 7.81% 7.87% 7.94% 8.10%

FD rates for customers above the age of 60

Fixed Deposit Annualized rate of interest for senior citizens valid for deposit of up to Rs. 5 crore (03 Apr, 2024)

Bajaj Finance Digital FD

New Product Launch
Tenure in
months
At maturity (p.a.) Monthly (p.a.) Quarterly (p.a.) Half yearly (p.a.) Annual (p.a.)
42* 8.85% 8.51% 8.57% 8.66% 8.85%

Senior Citizen – Special Period

Tenure in
months
At maturity (p.a.) Monthly (p.a.) Quarterly (p.a.) Half yearly (p.a.) Annual (p.a.)
18* 8.05% 7.77% 7.82% 7.89% 8.05%
22* 8.15% 7.86% 7.91% 7.99% 8.15%
33* 8.35% 8.05% 8.10% 8.18% 8.35%
44* 8.50% 8.19% 8.24% 8.33% 8.50%

Senior Citizen – Regular Period

Tenure in
months
At maturity (p.a.) Monthly (p.a.) Quarterly (p.a.) Half yearly (p.a.) Annual (p.a.)
12 - 14 7.65% 7.39% 7.44% 7.51% 7.65%
15 - 23 7.75% 7.49% 7.53% 7.61% 7.75%
24 - 35 8.20% 7.91% 7.96% 8.04% 8.20%
36 - 60 8.35% 8.05% 8.10% 8.18% 8.35%

Disclaimer

As regards deposit taking activity of Bajaj Finance Ltd (BFL), the viewers may refer to the advertisement in the Indian Express (Mumbai Edition) and Loksatta (Pune Edition) furnished in the application form for soliciting public deposits or refer https://www.bajajfinserv.in/fixed-deposit-archives
The company is having a valid Certificate of Registration dated March 5, 1998 issued by the Reserve Bank of India under section 45 IA of the Reserve Bank of India Act, 1934. However, the RBI does not accept any responsibility or guarantee about the present position as to the financial soundness of the company or for the correctness of any of the statements or representations made or opinions expressed by the company and for repayment of deposits/discharge of the liabilities by the company.

For the FD calculator the actual returns may vary slightly if the Fixed Deposit tenure includes a leap year.